Financial cycle gradually gaining momentum
The countercyclical capital buffer (CCyB) rate remains at 1.5%
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Macroprudential Commentary – June 2025
Financial cycle gradually gaining momentum
The countercyclical capital buffer
(CCyB) rate remains at 1.5%
Mortgage lending accelerates
The continuing gradual decline in interest rates has stoked demand for mortgage loans, particularly reflected in a notable increase in average mortgage size. The number of new mortgages was, however, slightly lower in the first quarter of 2025 than in the previous quarter. Consumer credit grew more slowly compared with the fourth quarter of last year. The non-performing loan (NPL) ratio for household loans remains low.
Corporate lending rebounds
After a year of contraction, lending to firms increased year-on-year in the first quarter of 2025 across all firm size categories. A recovery in revenues, together with lower interest rates, has translated into stronger demand for loans. However, lending to the commercial real estate sector continues to decline. The NPL ratio for loans to small and medium-sized enterprises has increased slightly but remains low by historical standards.
Housing market continues to grow in 2025
Prices of both flats and houses are approximately 10% higher year-on-year, although price growth for new-build flats has been only modest. The number of advertised flats on the market has not changed significantly over the past year. While housing affordability is improving moderately, its recovery remains gradual.
No need to adjust the CCyB rate
Signs of recovery are now visible in multiple components of the financial cycle. The cycle’s upturn is not, however, outpacing economic fundamentals, nor is it creating excessive risks to financial stability. Banks continue to maintain profitability and solid capital positions, while their resilience has been confirmed by recent stress test results. Nevertheless, uncertainty remains heightened owing to trade policy developments, geopolitical risks, and weakening global demand. In this context, there is no need to adjust the countercyclical capital buffer rate.
Also in this edition
- How banks are performing this year
- How the issuance of retail government bonds has affected household deposits
Macroprudential Commentary (PDF in Slovak)
Countercyclical capital buffer indicators
Macroprudential Commentary indicators
Previous editions
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